New Delhi: The Reserve Bank of India is briefing on the big announcement of the scrapping of Rs. 500, Rs. 1000 notes.
Following are the highlights:
- As of today and over past months, we have ramped up production
- Hence it was decided to introduced the scheme that PM has announced
- Decision of government to cancel legal tender status of rupee notes is a very bold and power and decisive step to fight black money
- There have been reports that lots of law enforcement agencies have been getting that money has been used to fund terrorism
- RBI has been concerned over the growing fake Indian currency notes
- Along with this notification, RBI will be launching new currency from Nov 10 onwards
- Tomorrow is a bank holiday, treasury will also be closed
- Between 2011 to 2016, the circulation of Rs. 500 notes has gone up by 76% and Rs. 1000 by 109%, but the economy has only expanded by 30%
- Please do not allow yourself to be used by anybody else to exchange illegal cash. You are free to do that for your friends and relatives and family
- Other denomination notes will also be issued over a period of time, including Rs. 1000 notes
- PM has described in sufficient detail why this step is necessary. For economic integrity, if you want real economy to grow, this shadow economy, this ghost economy has to stop
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